Earned Leaves Calculation

sir,
please explain how to calculate e/l due amount for payment to employee.
salary 15500/
el- due during the year--15
according to me the calculation is 15500x15/26
is this method is correct. or if wrong please guide me.
thanks.

Sir,
in our factory balance earned leaves are encashed as follows. Please conform that following menthod is correct or not.>>>>
during the year earned leaves due 15 after 300 working days
less availed e,leaces 09
balance e. Due to encash 6
we calculate 16050/26x6
thanks